Cresset Secures $150 Million Investment to Boost Growth and Innovation

Cresset, a $60 billion registered investment advisor (RIA), has sealed a $150 million minority investment from Constellation Wealth Capital. This alternative asset manager focuses on long-term investments in wealth management firms and multi-family offices. Constellation now holds less than a 10% equity stake, allowing employees and clients to maintain majority ownership, which aligns the firm with client interests.

The investment will be directed towards enhancing Cresset’s platform, improving technology, and expanding talent recruitment efforts. Karl Heckenberg, president of Constellation, praised Cresset’s dedication to client outcomes and discussed their “100-year vision” aimed at driving sustained growth and innovation.

Avy Stein, co-founder of Cresset, viewed the investment as a significant affirmation of the firm’s business model and growth strategy. He expressed enthusiasm for the partnership with Constellation, which he believes will transform the way clients engage with wealth management.

Finsum: This investment in technology highlights the increasing necessity of innovation in advisors’ decision-making processes.

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